PAGCOR denounces false information on casino privatisation plan
The regulator denies accusations of privatization profiteering and mass layoffs.
The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has released a statement warning of misinformation regarding its casino privatisation plans. PAGCOR chairman and CEO Alejandro H. Tengco addressed concerns raised by an employee, Gian Samson, regarding the renovation of a Casino Filipino branch in Angeles City.
In a social media post, Samson had claimed that the renovation was aimed at making the casino more attractive to potential buyers. However, Tengco said the renovation was part of PAGCOR’s ongoing efforts to improve facilities and services for customers and that the renovation costs would be covered by the owner, not PAGCOR.
Tengo said: “The building housing the CF Angeles branch is not owned by us, so we reached an agreement with the owner to cover the renovation expenses as they own the property, and PAGCOR is just a renter.”
PAGCOR’s chairman also dismissed claims from the PAGCOR Employees Association (PAGCEA) about the possible layoff of 10,000 people due to the privatisation plans.
“This number is absurd because 10,000 employees are our total workforce. I urge our employees not to believe the falsehoods spread by some people,” Tengco stated. He added: “We are here to advocate for your welfare, but let us fulfil our duties.”
PAGCOR has posted an income of PHP79.38bn (US$1.41bn), a year-on-year increase of 34.6 per cent for 2023. The regulator posted gross income from gaming operations of PHP73.11bn (US$1.30bn), up 32.8 per cent year-on-year. Total comprehensive income was PHP6.82bn (US$121m), up 53.3 per cent in year-on-year terms. Expenses for 2023 increased by 18 per cent year-on-year to nearly PHP26.65bn.
The regulator deducted approximately PHP45.63bn (US$809m) in government subsidies, financial assistance and other contributions. That figure was up 44.2 per cent from PHP31.65bn in 2022.
